Latest IPO in India: Spinaroo Commercial Ltd IPO – Positive Outlook with ₹10.17 Cr Issue
The latest IPO in India, Spinaroo Commercial Ltd, has opened for public subscription, aiming to raise ₹10.17 crore through its SME IPO. Specializing in the manufacturing of aluminum foil containers and packaging products, the company is offering a fresh issue of 1.99 million equity shares at a fixed price of ₹51 per share.
Company Overview
Established in 2012, Spinaroo Commercial Ltd manufactures disposable and packaging products including aluminum foil containers, aluminum home foils, paper cups, paper plates, and bowls. The company also supplies semi-processed materials for paper cup production and trades in related machinery such as high-speed paper cup-making machines and flexo printing machines. With operations based in Howrah, West Bengal, Spinaroo serves clients across 12 states and 2 Union Territories.
IPO Timeline
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IPO Open Date: March 28, 2025
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IPO Close Date: April 3, 2025
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Allotment Date: April 4, 2025
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Refund Initiation: April 7, 2025
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Share Credit to Demat: April 7, 2025
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Listing Date: April 8, 2025
Price Band
The IPO price band is fixed at ₹51 per equity share, with a face value of ₹10 each.
Lot Size
Investors can bid for a minimum of 1 lot (2,000 shares), requiring an investment of ₹1,02,000. High Net-Worth Individuals (HNIs) need to apply for at least 2 lots (4,000 shares), amounting to ₹2,04,000.
Key Dates
| Event | Date |
|---|---|
| Issue Opens | March 28, 2025 |
| Issue Closes | April 3, 2025 |
| Allotment Finalization | April 4, 2025 |
| Refunds Initiated | April 7, 2025 |
| Shares Credited | April 7, 2025 |
| Listing Date | April 8, 2025 |
Financials
| Financial Year | Revenue (₹ Cr) | Net Profit (₹ Cr) | EBITDA Margin (%) | ROE (%) |
|---|---|---|---|---|
| FY22 | 47.44 | 0.52 | 3.20 | 14.05 |
| FY23 | 53.13 | 0.93 | 3.18 | 20.09 |
| FY24 | 40.84 | 1.40 | 5.43 | 23.22 |
Strengths
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Diverse Product Portfolio across aluminum and paper-based disposable items.
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Established Domestic Presence in over 12 states and 2 Union Territories.
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Vertical Integration with trading of related machinery and semi-processed materials.
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Experienced Leadership with significant industry knowledge.
Risks
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Revenue Decline observed from FY23 to FY24.
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Intense Competition in the disposable packaging industry.
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Operational Dependencies on raw material supply and machinery imports.
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Regulatory Compliance is vital due to the nature of production materials and waste.
IPO Anchor Investors Details
No anchor investors have been announced for this SME IPO.
IPO Promoter Holding Details
| Promoter | Pre-Issue Holding | Post-Issue Holding |
|---|---|---|
| Mr. Amit Sultania | 66.67% | 47.66% |
| Mr. Aditya Todi | 66.67% | 47.66% |
| Mrs. Mridula Todi | 66.67% | 47.66% |
IPO Grey Market Premium (GMP)
| Date | GMP (₹) | Expected Listing Price (₹) |
|---|---|---|
| March 28, 2025 | 0 | 51 |
Final Thoughts
Spinaroo Commercial Ltd’s IPO provides an attractive opportunity to invest in the growing packaging and disposables industry. The company has shown improving profit margins and return on equity, but investors should be cautious about recent revenue fluctuations and market competition. As the latest IPO in India, the response in the coming days will be key in judging investor sentiment.